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Transport infrastructure investment increased substantially in Britain between the seventeenth and eighteenth century. This paper argues that the Glorious Revolution of 1688-89 contributed to transportation investment by reducing uncertainty about the security of improvement rights. It shows...
to initiate adequate investment incentives. Using a two-equation estimation approach, a direct competition effect (more … service competition increases the supply of infrastructure) can be disentangled from an indirect effect (more service … competition increases the demand for infrastructure quality and, as a consequence, increases the supply of infrastructure). While …
property rights, contracting, and competition institutions is positively related to an increase in the level of credit to the …
The infrastructure sector has the potential to generate wide differences in profits and economic outcomes. This paper examines financial returns and investment strategies for Britain’s turnpike roads in the early nineteenth century. There are three main findings. First, rates of return on...
, reflects an excessive faith in the self-organizing virtues of the market. It has unleashed a noxious competition on the market …
, reflects an excessive faith in the self-organizing virtues of the market. It has unleashed a noxious competition on the market …
Our purpose here is to challenge the big-bang approach to economic history in which some alleged institutional imposition - a deus machine - is claimed to launch a series of new economic behaviors. This so-called prime mover is then carried forward by the inexorable forces of path dependency to...
Our purpose here is to challenge the "big-bang" approach to economic history in which some alleged institutional imposition - a deus machine - is claimed to launch a series of new economic behaviors. This so-called prime mover is then carried forward by the inexorable forces of path dependency...
What is the relationship between state capacity, national identity, and economic development? This paper argues that increases in state capacity can lower the collective action costs associated with political and economic exchange by encouraging the formation of a common identity. This...
Our purpose here is to challenge the big-bang approach to economic history in which some alleged institutional imposition - a deus machine - is claimed to launch a series of new economic behaviors. This so-called prime mover is then carried forward by the inexorable forces of path dependency to...